【摘要】 本论文以1999～2002年国内实施MBO的16家上市公司为样本,用净资产收益率、每股收益和每股净资产三个指标分析了MBO前后企业业绩的变化,发现企业业绩指标平均值呈逐年下滑趋势。其主要原因有:国内MBO的定价模式不合理;公司性质未发生根本性的改变;融资方式没有得到充分的拓展;国内缺乏完善的法律监督机制等。尽管如此,我们仍然相信MBO在国内有其广阔的发展空间和发展前景。更多还原

【Abstract】 The paper investigates 16 listed companies which were developed through MBO, and finds the difference before and after MBO from three important criterions: ROE、EPS and NAPS. The conclusion is there is no obvious difference before and after MBO, and mean value descends gradually. Then the reason was analyzed: price’s fixing is irrational; MBO is inadequate; the way to finance is single and there are no perfect relation laws and supervising mechanism. However, a good future of MBO is expected.更多还原